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Updated almost 16 years ago,
DU REFI PLUS - No Media Coverage
by Adam Quinones
Posted Mar 06 2009, 01:38 PM
DU Refi PlusTM
BORROWERS YOU DO NOT HAVE TO GO TO YOUR SERVICER FOR HELP!!!
(THE MEDIA IS NOT PUBLICIZING DU REFI PLUS)
Before reading allow me to explain how I went about composing this reference document....
Most of what you read in this commentary is copied directly from Fannie Mae Guidelines. I aggregated all the guidelines and announcements into one easy to read DU REFI PLUS resource. I have added commentary in some places and left the guidelines to speak for themselves in others. I will continue to add "Plain and Simple" explanations following reader questions. Enjoy...I hope this document is helpful!!!!
Fannie Mae Underwriting Guidelines (All Regs)
Fannie Mae Announcement 09-04
Fannie Mae Home Affordable Refinance FAQ
DU Version 7.1 May Release Notes
DU Version 7.1 April Release Notes
The Making Home Affordable program announced by the Department of the Treasury on March 4, 2009, includes a new initiative - Home Affordable Refinance - to provide refinance opportunities to borrowers with mortgages held or guaranteed by Fannie Mae.
The originating lender does not need to be the current servicer of the existing mortgage. Fannie will allow direct lenders and mortgage brokers to assist!!!
Note to Borrowers: although Fannie Mae has allowed bankers and mortgage brokers to participate in this program it does not mean that lenders will actually offer this program. For instance if your lender sells to Freddie Mac this program will not be available.
Full Article:
http://www.mortgagenewsdaily.com/mortgage_rates/blog/58271.aspx